As you may or may not know, I am currently in a 2 year rotational program with the manufacturing division of the company for which I work. Essentially, the program consists of three 8-month rotations in different functional areas of the company, with the idea of giving you a well-rounded view of how things work. It is truly a great thing! And one that I am a big fan of!

After the 2 years of rotating is over, the members of the program will then find full-time, permanent positions within the division. These permanent positions can be anywhere within the company. However, most of the time, it is at one of the New Jersey, Philadelphia, Durham, North Carolina, or Virginia locations.

Given the options available, I thought it might be interesting to look at how the cost of living compared between the different locations. Additionally, it gives me the opportunity to share a very useful tool with everyone: cost of living financial calculators.

The cost of living calculator that I enjoy using can be accessed using the link below from BankRate.com

Plugging in my current income and the possible work locations, I found the following results:

• You would need a 23.52% increase in salary to maintain the same standard of living moving from Virginia to Philadelphia.• New Jersey and Philadelphia have approximately the same cost of living.• You would need a 22.21% increase in salary to maintain the same standard of living if you moved from the Durham, NC area to the Philadelphia/New Jersey area.• You would only need a 1.07% increase in salary if you moved from Virginia to the Durham, NC area.

This is very interesting information, and it is definitely something to keep in mind when you have options of where you can work. Naturally, there may be jobs that are only available in certain locations, so it won’t apply all of the time.

Please let me know if you have any questions!Keep on learning!

Jacob

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The information provided on this site is not financial advice, and I am not a financial professional. This is not a recommendation to buy, sell, or trade securities, or to invest in any specific product. I can buy, sell, or hold any positions mentioned on this website at anytime. Thanks for visiting!